Thursday's lawsuit, filed in federal court in WashingtonD.C., is the third industry challenge to the Commodity FuturesTrading Commission (CFTC) in its history.

In the lawsuit, CME asks that a judge issue an injunction to prevent the CFTC from enforcing the rules against theexchange when they come into effect for it on Nov. 13.

By adopting the rules without "the benefit of an adequatecost-benefit analysis," CME said in the lawsuit, "the CFTC actedin a manner that was arbitrary and capricious and otherwise notin accordance with law".

A CFTC spokesman declined to comment on the lawsuit.

CME, specifically, is challenging the requirement thatexchanges make available non public reports of cleared swaptransactions to new CFTC-registered entities called "swap datarepositories" (SDRs) which would in turn make the swap dataavailable to the CFTC.

"CME incurs substantial costs in terms of time, personnel,technological infrastructure, and money to maintain these datain the ordinary course of business," the lawsuit said.

The new rules would only "impose costly, cumbersome, andduplicative requirements".

CME said in the lawsuit that it had applied to register asan SDR, but that its request had not been granted.

The rules at issue are part of the Dodd-Frank Act, areaction to the 2008 financial crisis. The act was in partdesigned to improve transparency in the $640 trillionover-the-counter derivatives market.

The law requires standard swaps to be traded on regulatedplatforms and routed through clearing houses, which stand inbetween parties to guarantee trades.